Airbnb's Revenue Growth Slows, Stock Drops

Airbnb's stock fell by as much as 14% after the company forecasted a revenue slowdown in the current quarter due to tougher comparisons with last year's pandemic-driven surge in bookings. The company reported Q1 earnings that beat expectations, with revenue of $1.8 billion and earnings per share of 18 cents. However, analysts slashed their price targets in reaction to the weaker-than-expected 2023 outlook. Airbnb also announced a new $2.5 billion stock buyback and is looking to increase host supply to meet growing demand.